INVESTEC BANK LIMITED - Breached barrier - KIOIHE

Breached barrier - KIOIHE

INVESTEC BANK LIMITED
NOTICE OF BARRIER FOR HOT ENHANCED DIVIDEND KIOIHE

Share                              Kumba Iron Ore Limited



Strike Price                       R200.00
Stop-Loss Level                    R227.00
Expiry Date                        2015/10/16
Cover Ratio                        1:1

Call/Put                           Call
Style                              American
Issue Size                         180 000
JSE Code                           KIOIHE
ISIN Code                          ZAE000196986




Investec Bank Limited, as Issuers of the above KIOIHE, Hot Enhanced Distribution Security (HOT EDS), advised
Holders that due to the breach of the stop loss level of R227.00 in the Underlying Share, as of close of business
Friday, 16 January 2015 the abovementioned Hot Enhanced Distribution Security (HOT EDS) has been terminated.

The Rebate Payment, represented by the number of HOT EDS held on the termination date, multiplied by the
excess of the simple average of the Volume Weighted Average Price (“VWAP”) of the Underlying Share over the
two Business Days following the Termination Date over the Exercise Price (Strike Price) of R200.00 This amount
will automatically accrue to holders via instruction through STRATE.

The VWAP on, 19 January 2015 = R 226.92
The VWAP on, 20 January 2015 = R 231.67
The simple average of the 2 day VWAP = R 229.295

Holders will receive R 29.295 for every warrant held.

21 January 2015

Copies of the offering circular may be obtained from:
        Investec Bank Limited
        100 Grayston Drive
        Sandown
        Sandton
        2196

For further information contact:
         Investec Warrants
         Tel.: 011 286-4672
         E-mail: warrants@investec.co.za
         Internet: www.investecwarrants.com

Sponsor
           Investec Securities (Pty) Ltd
           Member of the JSE
           Registration number. 1972/008905/07)

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